CEO: Central Bank of Azerbaijan sold sufficient cash to banks

CEO: Central Bank of Azerbaijan sold sufficient cash to banks
  • Clock-gray 09:41
  • calendar-gray 17 April 2018

Devaluation unlikely to reoccur in Azerbaijan, Chief Executive Officer of the Financial Markets Supervisory Authority (FIMSA) Ibrahim Alishov said at the Digital Banking and Security Conference.

 

‘During the past week, volatility of prices of currencies in Azerbaijan’s trade partners such as Turkey and Russia was causing psychological tension in Azerbaijan. Our analysis shows that banks can meet any demand for cash. Central Bank of Azerbaijan (CBA) sold sufficient cash to banks. This is just a psychological factor. According to our analysis, purchase was mostly carried out by population. Average currency purchase made up $800-1,300 during the past week. There is not any macroeconomic ground for devaluation in Azerbaijan’, he said.  

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